Market Outlook

August 02, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking global indices and SGX Nifty.

BSE Sensex

0.2

32,575

U.S. markets moved higher as corporate earnings came in better than expected.

Nifty

0.4

10,115

Telecommunications stocks rallied as reflected by 1.3 percent rise in the NYSE Arca

Mid Cap

0.4

15,458

North American Telecom Index. Airline and banking stocks also moved higher by

Small Cap

(0.1)

(19)

16,075

the end of the session.

Bankex

0.1

28,403

UK markets moved up as better earnings and positive economic data strengthened

investor sentiment. BP Plc shares rallied 3 percent after the company reported a

Global Indices

Chg (%)

(Pts)

(Close)

profit in Q2, compared to loss last year. Rolls-Royce also posted strong gains of 8

percent as the aircraft engine maker reported a first-half net profit despite multiple

Dow Jones

0.3

173

21,964

headwinds.

Nasdaq

0.2

6,363

FTSE

0.7

7,424

Indian markets closed higher as hopes of an interest rate cut and firm global cues

Nikkei

(00.3

19,986

offset the contraction in manufacturing activity. The manufacturing PMI dropped

from

50.9 to

47.9 as GST implementation had a short-term impact on

Hang Seng

0.8

216

27,540

manufacturers. The BSE Metal index was the biggest gainer for the session closing

Shanghai Com

0.6

3,293

up 1.02 percent as higher commodity prices supported metal stocks. The BSE

Consumer Durable index fell by 0.75 percent due to the short term impact of the

Advances / Declines

BSE

NSE

implementation of GST.

Advances

1,038

1,644

Result Review

Declines

1,665

1,044

 Maruti Suzuki: July numbers ahead of expectations

Unchanged

152

Detailed analysis is on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

3,199

Key Domestic & Global Indicators

NSE

25,776

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg7 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

FII

(1,218)

(22,488

58,397

CMP

Target

Upside

Company

Sector

Rating

MFs

(169)

8,129

47,275

(`)

(%)

Blue Star

Capital Goods

Accumulate

685

760

11.0

Dewan Housing FinanceFinancials

Buy

466

550

18.0

Top Gainers

Price (`)

Chg (%)

Mahindra Lifespace

Real Estate

Buy

424

522

23.2

Chennpetro

414

6.8

Navkar Corporation

Others

Buy

202

265

31.2

Voltas

533

5.8

KEI Industries

Capital Goods

Accumulate

232

258

11.4

More Top Picks on Pg5

Escorts

702

4.9

Sreinfra

123

4.7

Key Upcoming Events

Eichermot

31,437

4.7

Consensus

Date

Region

Event Description

Reading

Expectations

Aug 02, 2017 India

RBI Reverse Repo rate

6.00

5.75

Top Losers

Price (`)

Chg (%)

Aug 02, 2017 US

Initial Jobless claims

244.00

242.00

Godrejcp

964

(6.8)

Aug 02, 2017 India

RBI Repo rate

6.25

6.00

Aug 03, 2017 India

RBI Cash Reserve ratio

4.00

Videoind

(4.3)

Aug 03, 2017 Germany PMI Services

53.50

Get&D

380

(3.8)

More Events on Pg7

Symphony

1,395

(3.8)

Siemens

1,398

(3.7)

#as on 1^st Aug, 2017

www.angelbroking.com

Market Outlook

August 02, 2017

Result Review

Maruti Suzuki: July numbers ahead of expectations

MSIL’s July-2017 total volumes grew by 20.6% to 1.65 lakh units. Domestic

volumes grew by 22% to 1.54 lakh units while exports grew by 0.1% to 11,345

units. Entry level cars have shown a 21% yoy growth while compact and super

compact have shown a growth of 25% and 23% respectively. UV vehicles growth

was at 48% yoy. We had expected total volume growth at 14% and numbers have

clearly beaten our estimates.

The volume growth can be attributed towards the post-GST restocking by the

dealers. We expect a strong demand for automobiles with the normal monsoons

this year and expectations of the another rate cut. The company has indicated of

the strong order book position in the utility vehicles and this has turned in to a

strong growth driver for the company in the month. As MSIL plans to add more

Nexa dealerships, gong ahead, numbers will continue to remain higher in UV

segment. With the strong prospects for MSIL, the stock is attractive at the current

levels and we maintain accumulate on the stock with the price target of `8,540.

Economic and Political News

 Centre collects over `1.80 lakh cr in direct tax till July 15 in current fiscal year

 Centre launches e-RaKAM, a platform for online sale of agri produce

 Medical devices to carry MRP from Jan 1 2018

 Nikkei/IHS Markit Manufacturing Purchasing Managers' Index (PMI) falls to

47.9 in July from 50.9 in June

Corporate News

 Zydus Cadila gets USFDA approvals to market both Temozolomide

(chemotherapy) and Nadolol (hypertension)

 Lupin receives USFDA approval to market Fluocinonide Topical ointment; an

anti-inflammatory drug

 Tata Steel completes sale of Submerged Arc Weld mills

 Royal Enfield July sales up 21% YoY; stock closes up 4.7%

 Centre to sell 4% of its stake in Hind Copper at `64.75 through OFS

www.angelbroking.com

Market Outlook

August 02, 2017

Top Picks

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,421

1,792

2,161

20.6

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,250

415

480

15.6

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

6,557

685

760

11.0

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

14,610

466

550

18.0

presence in tier-II & III cities where the growth

opportunity is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,482

140

160

14.0

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,801

232

258

11.4

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,174

424

522

23.2

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,881

202

265

31.2

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,943

2,073

2,500

20.6

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,445

242

344

42.0

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,37,408

7,859

8,495

8.1

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

August 02, 2017

Key Upcoming Events

Result Calendar

Date

Company

KEC International, Punjab Natl.Bank, UCO Bank, Lupin, Reliance Infra., Transport Corporation of India,

August 02, 2017

Narayana Hrudaya

CEAT, Cummins India, J K Lakshmi Cements, Electrosteel Castings, IOC, Bajaj Electrical, Elecon

August 03, 2017

Engineering

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Aug 02, 2017

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

5.75

6:00 PMUS

Initial Jobless claims

Thousands

Jul 29

244.00

242.00

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

6.00

Aug 03, 2017

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

1:25 PMGermany PMI Services

Value

Jul F

53.50

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

Aug 04, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jul

222.00

180.00

6:00 PMUS

Unnemployment rate

Jul

4.40

4.30

Aug 08, 2017

China

Exports YoY%

% Change

Jul

11.30

10.50

Aug 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jul

1.50

1.40

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

India

Exports YoY%

% Change

Jul

4.40

Producer Price Index (mom)

% Change

Jul

0.20

6:00 PMUS

Consumer price index (mom)

% Change

Jul

0.10

Aug 11, 2017

2:00 PMUK

Industrial Production (YoY)

% Change

Jun

(0.20)

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 02, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

3.0

2.6

6.0

1.9

1.7

5.0

2.0

4.0

1.0

3.0

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

6.0

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

46.0

2.0

1.5

44.0

1.0

42.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 02, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

66,516

5.7

(0.3)

17.4

Russia

Micex

1,940

3.2

(3.6)

1.1

India

Nifty

10,115

6.2

8.6

17.4

China

Shanghai Composite

3,293

3.1

4.8

8.4

South Africa

Top 40

49,039

8.0

4.0

5.7

Mexico

Mexbol

51,195

2.7

4.3

10.0

Indonesia

LQ45

967

(3.0)

4.7

8.5

Malaysia

KLCI

1,765

0.1

(0.2)

5.8

Thailand

SET 50

1,003

0.5

0.8

5.3

USA

Dow Jones

21,964

3.2

5.0

19.9

FTSE

7,424

1.5

2.4

11.9

Japan

Nikkei

19,986

(1.2)

3.8

20.2

Germany

DAX

12,251

(0.6)

(2.1)

18.2

France

CAC

5,127

0.1

(3.3)

14.7

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Reduce

238

209

4,635

1,937

2,164

13.3

14.3

9.0

11.0

26.5

21.7

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

894

45,398

15,176

17,604

18.5

37.4

44.6

23.9

20.0

4.7

3.9

21.4

21.2

3.1

2.6

Auto & Auto Ancillary

Ashok Leyland

Neutral

111

32,485

20,019

22,789

11.1

11.7

4.3

5.5

25.8

20.3

5.0

4.5

19.4

22.0

1.6

1.4

Bajaj Auto

Neutral

2,823

81,688

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,150

26,778

7,726

8,713

20.5

21.2

35.3

42.7

32.6

26.9

6.0

5.4

18.9

20.1

3.5

3.1

Eicher Motors

Neutral

31,505

85,763

16,583

20,447

17.5

18.0

598.0

745.2

52.7

42.3

18.0

13.7

41.2

38.3

5.0

4.0

Gabriel India

Neutral

167

2,394

1,544

1,715

9.0

9.3

5.4

6.3

30.9

26.5

5.8

5.2

18.9

19.5

1.5

1.3

Hero Motocorp

Neutral

3,722

74,318

28,120

30,753

15.2

15.6

169.1

189.2

22.0

19.7

7.6

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

257

2,052

1,486

1,620

9.8

9.9

15.0

17.2

15.0

3.8

3.2

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

760

1,193

1,302

1,432

11.6

11.9

43.7

53.0

17.4

14.3

2.5

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,427

88,621

46,534

53,077

11.6

11.7

67.3

78.1

21.2

18.3

3.4

3.0

15.4

15.8

1.9

1.6

Maruti

Accumulate

7,859

8,495

237,408

67,822

83,717

15.2

15.0

243.0

291.5

32.4

27.0

7.4

6.0

22.9

22.4

3.2

2.5

Minda Industries

Neutral

781

6,745

2,728

3,042

9.0

9.1

68.2

86.2

11.5

9.1

2.6

2.1

23.8

24.3

2.5

2.2

Motherson Sumi

Neutral

329

69,271

45,896

53,687

7.8

8.3

13.0

16.1

25.2

20.4

8.1

6.5

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,286

1,018

511

562

11.3

11.5

28.1

30.9

45.8

41.6

7.0

6.4

15.3

15.0

2.1

2.0

Setco Automotive

Neutral

527

741

837

13.0

15.2

17.0

2.6

2.3

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

447

129,036

300,209

338,549

8.9

8.4

42.7

54.3

10.5

8.2

1.7

1.4

15.6

17.2

0.5

TVS Motor

Neutral

597

28,344

13,390

15,948

6.9

7.1

12.8

16.5

46.8

36.1

11.6

9.2

26.3

27.2

2.2

1.8

Amara Raja Batteries

Accumulate

849

962

14,495

5,339

6,220

15.9

15.3

28.0

32.3

30.3

26.3

5.8

4.9

19.1

18.5

2.7

2.3

Exide Industries

Neutral

223

18,968

7,439

8,307

15.0

8.1

9.3

27.6

24.0

3.9

3.4

14.3

16.7

2.2

1.9

Apollo Tyres

Neutral

266

13,545

12,877

14,504

14.3

13.9

21.4

23.0

12.4

11.6

1.9

1.7

16.4

15.2

1.2

1.1

Ceat

Neutral

1,875

7,584

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

164

3,715

7,455

8,056

15.0

21.8

24.5

7.5

6.7

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,149

2,668

660

810

15.2

16.4

54.5

72.8

39.4

29.5

12.3

11.2

31.5

39.2

3.9

3.1

Subros

Neutral

243

1,456

1,488

1,681

11.7

11.9

6.4

7.2

37.9

33.9

4.0

3.6

10.8

11.4

1.2

1.1

Indag Rubber

Neutral

196

515

286

326

19.8

16.8

11.7

13.3

16.8

14.7

2.8

2.7

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

688

709

814

4.1

4.6

1.4

2.1

49.7

33.1

2.1

1.9

4.4

6.0

1.1

1.0

BEML

Neutral

1,717

7,149

3,451

4,055

6.3

9.2

31.4

57.9

54.7

29.7

3.3

3.0

6.3

10.9

2.2

1.9

Bharat Electronics

Neutral

181

40,418

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

3.9

3.5

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

533

17,626

6,511

7,514

7.9

8.7

12.9

16.3

41.3

32.7

7.4

6.5

16.7

18.5

2.5

2.1

BGR Energy

Neutral

148

1,066

16,567

33,848

6.0

5.6

7.8

5.9

18.9

25.0

1.1

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

145

35,380

28,797

34,742

2.8

2.3

6.9

62.9

21.0

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

685

760

6,557

4,283

5,077

5.9

7.3

14.9

22.1

46.0

30.9

8.9

7.5

20.4

26.4

1.6

1.3

CG Power and Industrial

Neutral

5,277

5,777

6,120

5.9

7.0

3.3

4.5

25.5

18.7

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

160

3,912

1,755

1,881

16.8

16.9

7.8

8.5

20.5

18.9

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

135

2,996

5,605

6,267

15.7

16.4

24.8

30.0

5.4

4.5

1.5

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

307

7,882

9,294

10,186

7.9

8.1

9.9

11.9

31.0

25.8

4.5

3.9

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

232

258

1,801

2,633

3,001

10.4

10.0

12.7

13.0

18.2

17.8

3.9

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

876

10,437

5,421

5,940

7.3

25.7

30.2

34.1

29.0

4.1

3.8

12.2

13.1

1.8

1.7

VATech Wabag

Accumulate

609

681

3,322

3,136

3,845

8.9

9.1

26.0

35.9

23.4

17.0

2.9

2.5

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,735

32,589

11,225

13,172

13.2

16.9

44.5

75.5

39.0

23.0

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

261

51,835

9,350

10,979

18.2

22.5

5.8

9.5

45.0

27.5

3.8

3.4

10.2

12.5

5.5

4.7

India Cements

Neutral

203

6,269

4,364

4,997

18.5

19.2

7.9

11.3

25.8

18.0

1.9

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

1,015

7,095

4,398

5,173

15.5

17.5

31.2

55.5

32.5

18.3

3.9

3.4

12.0

15.5

2.2

1.8

J K Lakshmi Cement

Neutral

455

5,353

2,913

3,412

14.5

19.5

7.5

22.5

60.7

20.2

3.7

3.1

12.5

18.0

2.4

2.0

Orient Cement

Neutral

154

3,148

2,114

2,558

18.5

20.5

8.1

11.3

19.0

13.6

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,061

111,495

25,768

30,385

21.0

23.5

111.0

160.0

36.6

25.4

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

2,972

8,946

10,017

31.0

31.6

8.1

9.1

11.2

9.9

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

212

2,974

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.4

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,189

1,700

166,488

111,017

124,908

11.0

61.1

66.7

19.5

17.8

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

147

7,099

705

788

52.2

51.7

5.0

5.6

29.4

26.2

2.9

2.6

11.2

9.7

8.2

Nagarjuna Const.

Neutral

4,942

8,842

9,775

9.1

8.8

5.3

6.4

16.8

13.9

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

139

3,563

2,350

2,904

13.1

13.2

9.0

8.8

15.4

15.8

0.6

0.5

15.9

13.9

1.6

1.3

Simplex Infra

Neutral

482

2,382

6,829

7,954

10.5

31.4

37.4

15.3

12.9

1.6

1.5

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

585

861

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

290

4,982

3,598

4,140

10.3

10.6

9.0

11.9

32.3

24.4

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

212

19,071

7,428

9,549

7.9

8.6

8.2

11.0

25.8

19.3

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

117

1,909

1,877

1,943

30.6

29.8

3.0

4.2

39.1

28.0

18.9

12.8

0.6

2.4

2.2

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

SIPL

Neutral

105

3,681

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.9

4.5

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

161

10,853

1,725

1,935

16.0

19.1

11.4

13.9

14.1

11.6

2.0

1.9

13.4

15.3

5.2

4.7

Financials

Axis Bank

Accumulate

516

580

123,731

46,932

53,575

3.5

3.4

32.4

44.6

16.0

11.6

2.1

1.8

13.6

16.5

Bank of Baroda

Neutral

163

37,592

19,980

23,178

1.8

11.5

17.3

14.2

9.4

1.6

1.3

8.3

10.1

Canara Bank

Neutral

363

21,682

15,225

16,836

1.8

14.5

28.0

25.0

13.0

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,082

8,205

420

526

3.5

86.5

107.8

35.6

28.6

7.7

6.3

23.6

24.1

Cholamandalam Inv. &

Neutral

1,179

18,421

2,012

2,317

6.3

42.7

53.6

27.6

22.0

4.4

3.7

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

466

550

14,610

2,225

2,688

2.9

29.7

34.6

15.7

13.5

2.5

1.7

16.1

14.8

Equitas Holdings

Buy

163

235

5,518

939

1,281

11.7

11.5

5.8

8.2

28.1

19.9

2.4

2.2

10.9

11.5

Federal Bank

Accumulate

115

125

22,384

8,259

8,995

3.0

4.3

5.6

26.8

20.6

2.3

2.1

8.5

10.1

HDFC

Neutral

1,774

282,643

11,475

13,450

3.4

45.3

52.5

39.2

33.8

7.6

6.7

20.2

20.5

HDFC Bank

Neutral

1,795

462,341

46,097

55,433

4.5

58.4

68.0

30.7

26.4

5.4

4.5

18.8

18.6

ICICI Bank

Accumulate

302

335

193,813

42,800

44,686

3.1

3.3

18.0

21.9

16.8

13.8

2.3

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

140

160

8,482

5,640

6,030

3.3

3.2

8.9

10.0

15.8

14.0

1.7

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

181

3,465

3,339

3,799

2.7

2.8

11.0

14.0

16.4

12.9

1.7

1.6

11.2

12.7

LIC Housing Finance

Neutral

691

34,865

3,712

4,293

2.6

2.5

39.0

46.0

17.7

15.0

3.3

2.8

19.9

20.1

Punjab Natl.Bank

Neutral

158

33,516

23,532

23,595

2.3

2.4

6.8

12.6

23.2

12.5

3.6

2.5

3.3

6.5

RBL Bank

Neutral

530

20,120

1,783

2,309

2.6

12.7

16.4

41.8

32.3

4.6

4.1

12.8

13.3

Repco Home Finance

Accumulate

760

825

4,753

388

457

4.5

4.2

30.0

38.0

25.3

20.0

4.2

3.5

18.0

19.2

South Ind.Bank

Neutral

5,392

6,435

7,578

2.5

2.7

3.1

11.1

9.7

1.4

1.2

10.1

11.2

St Bk of India

Neutral

309

266,558

88,650

98,335

2.6

13.5

18.8

22.9

16.4

2.2

1.9

7.0

8.5

Union Bank

Neutral

154

10,604

13,450

14,925

2.3

25.5

34.5

6.1

4.5

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,826

83,541

8,978

11,281

3.3

3.4

74.0

90.0

24.7

20.3

4.7

4.0

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,787

8,570

2,955

3,309

13.3

13.7

57.2

69.3

31.3

25.8

10.2

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,148

110,126

17,128

18,978

16.8

16.4

19.1

20.7

60.1

55.5

20.9

19.7

34.8

35.5

6.3

5.7

Britannia

Neutral

3,898

46,797

9,594

11,011

14.6

14.9

80.3

94.0

48.5

41.5

20.0

15.4

41.2

4.7

4.1

Colgate

Neutral

1,069

29,086

4,605

5,149

23.4

23.8

26.9

44.9

39.8

24.9

19.4

64.8

66.8

6.2

5.6

Dabur India

Neutral

302

53,180

8,315

9,405

19.8

20.7

8.1

9.2

37.3

32.8

10.4

8.6

31.6

31.0

6.0

5.3

GlaxoSmith Con*

Neutral

5,454

22,935

4,350

4,823

21.2

21.4

179.2

196.5

30.4

27.8

8.1

6.8

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Godrej Consumer

Neutral

964

65,685

10,235

11,428

18.4

18.6

41.1

44.2

23.5

21.8

5.2

4.4

24.9

24.8

6.5

5.8

HUL

Neutral

1,173

253,892

35,252

38,495

17.8

20.7

22.4

56.8

52.4

54.3

46.6

95.6

88.9

7.0

6.4

ITC

Neutral

288

349,956

40,059

44,439

38.3

39.2

9.0

10.1

32.1

28.4

8.9

7.8

27.8

27.5

8.2

7.4

Marico

Neutral

326

42,095

6,430

7,349

18.8

19.5

6.4

7.7

51.0

42.4

15.4

12.9

33.2

32.5

6.4

5.5

Nestle*

Neutral

6,697

64,573

10,073

11,807

20.7

21.5

124.8

154.2

53.7

43.4

22.0

19.8

34.8

36.7

6.2

5.3

Tata Global

Neutral

168

10,571

8,675

9,088

9.8

7.4

8.2

22.6

20.4

1.8

1.7

7.9

8.1

1.1

Procter & Gamble

Neutral

8,120

26,357

2,939

3,342

23.2

23.0

146.2

163.7

55.5

49.6

14.1

11.7

25.3

23.5

8.5

7.4

Hygiene

HCL Tech^

Accumulate

884

1,014

126,167

46,723

52,342

22.1

20.9

60.0

62.8

14.7

14.1

3.7

3.2

25.3

22.4

2.4

2.1

Infosys

Buy

1,005

1,179

230,843

68,484

73,963

26.0

63.0

64.0

16.0

15.7

3.4

3.1

20.8

19.7

3.0

2.7

TCS

Accumulate

2,500

2,651

492,597

117,966

127,403

27.5

27.6

134.3

144.5

18.6

17.3

5.5

5.1

29.8

29.7

3.8

3.6

Tech Mahindra

Buy

403

533

39,301

29,141

31,051

14.4

15.0

32.3

35.6

12.5

11.3

2.1

1.9

17.1

17.0

1.2

1.1

Wipro

Neutral

294

143,194

55,421

58,536

20.3

35.1

36.5

8.4

8.1

1.5

1.2

19.2

14.6

2.0

1.7

Media

D B Corp

Neutral

380

6,990

2,297

2,590

27.4

28.2

21.0

23.4

18.1

16.2

4.2

3.7

23.7

23.1

2.8

2.5

HT Media

Neutral

2,110

2,693

2,991

12.6

12.9

7.9

9.0

11.5

10.1

1.0

0.9

7.8

8.3

0.4

0.2

Jagran Prakashan

Buy

181

225

5,906

2,283

2,555

28.0

10.6

12.3

17.0

14.8

3.6

3.2

21.4

2.6

2.3

Sun TV Network

Neutral

782

30,810

2,850

3,265

70.1

71.0

26.2

30.4

29.8

25.7

7.6

6.7

24.3

25.6

10.4

8.9

Hindustan Media

Neutral

276

2,029

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

242

344

1,445

608

667

21.5

22.3

15.7

19.2

15.4

12.6

2.4

2.0

16.1

16.0

2.0

1.7

Music Broadcast Limited Buy

360

434

2,055

271

317

91.0

109.0

6.0

10.0

60.0

36.0

3.8

3.4

6.5

9.3

7.2

5.9

Metals & Mining

Coal India

Neutral

252

156,551

84,638

94,297

21.4

22.3

24.5

27.1

10.3

9.3

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

282

119,260

14,252

18,465

55.9

48.3

15.8

21.5

17.9

13.1

2.9

2.6

17.0

20.7

8.4

6.5

Hindalco

Neutral

226

50,669

107,899

112,095

7.4

8.2

9.2

13.0

24.6

17.4

1.2

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

223

53,892

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.5

0.2

14.0

14.4

1.8

1.5

NMDC

Neutral

126

39,786

6,643

7,284

44.4

47.7

7.1

7.7

17.7

16.3

1.5

8.8

9.2

3.8

3.4

SAIL

Neutral

26,040

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.3

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

282

104,843

71,744

81,944

19.2

21.7

13.4

20.1

21.1

14.0

1.8

1.6

8.4

11.3

1.9

1.5

Tata Steel

Neutral

572

55,554

121,374

121,856

7.2

8.4

18.6

34.3

30.8

16.7

1.9

1.8

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

373

63,119

56,220

65,198

9.3

10.1

27.1

33.3

13.8

11.2

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

167

214,700

137,222

152,563

15.0

21.8

19.5

24.1

8.6

6.9

0.7

8.5

10.1

1.8

1.6

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

Indian Oil Corp

Neutral

370

179,838

373,359

428,656

5.9

5.5

54.0

59.3

6.9

6.3

1.1

1.0

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,604

521,432

301,963

358,039

12.1

12.6

87.7

101.7

18.3

15.8

1.9

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Buy

525

648

9,888

3,101

3,966

19.7

20.5

21.4

25.5

24.5

20.6

5.2

4.3

23.0

22.8

3.2

2.3

Alkem Laboratories Ltd

Buy

1,792

2,161

21,421

5,853

6,901

17.1

18.4

74.6

85.0

24.0

21.1

5.1

4.3

21.1

20.2

3.6

3.1

Aurobindo Pharma

Accumulate

735

823

43,033

14,845

17,086

21.5

22.1

39.4

44.7

18.6

16.4

4.6

3.6

27.6

24.7

3.1

2.6

Aventis*

Neutral

4,286

9,872

2,206

2,508

16.6

16.8

128.9

139.9

33.3

30.6

5.7

4.5

21.6

23.5

4.2

3.6

Cadila Healthcare

Sell

542

450

55,441

9,220

11,584

18.4

20.3

14.5

18.7

37.4

29.0

8.0

6.5

23.5

24.6

6.3

4.9

Cipla

Sell

562

461

45,219

14,281

16,619

15.4

16.2

12.5

19.7

45.0

28.5

3.6

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,427

40,225

14,081

15,937

16.1

18.6

72.6

105.9

33.4

22.9

3.3

3.0

9.6

13.6

3.1

2.7

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,377

20,136

2,927

3,290

11.8

16.2

34.4

49.6

69.1

47.9

10.0

10.4

13.9

21.3

6.7

6.0

Indoco Remedies

Sell

200

153

1,843

1,067

1,154

12.1

14.9

8.4

11.3

23.8

17.7

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

483

620

6,088

3,211

3,593

13.9

14.5

15.4

19.4

31.3

24.9

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,018

1,526

45,988

17,120

18,657

24.1

56.9

61.1

17.9

16.7

3.4

2.9

20.7

18.6

3.0

2.4

Natco Pharma

Accumulate

968

1,060

16,876

2,065

1,988

33.1

33.7

27.9

25.7

34.7

37.7

10.1

8.6

29.2

22.9

8.3

Sun Pharma

Buy

535

712

128,276

30,264

32,899

29.0

26.9

32.7

31.6

16.4

16.9

3.5

3.0

22.2

18.7

4.0

3.5

Power

Tata Power

Neutral

22,396

36,916

39,557

17.4

27.1

5.1

6.3

16.2

13.1

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

165

135,968

86,605

95,545

17.5

20.8

11.8

13.4

14.0

12.3

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

224

117,318

25,315

29,193

88.2

88.7

14.2

17.2

15.8

13.1

2.4

2.1

15.2

16.1

9.3

8.3

Real Estate

Prestige Estate

Neutral

271

10,144

4,707

5,105

25.2

26.0

10.3

13.0

26.3

20.8

2.1

2.0

10.3

10.2

3.3

3.0

MLIFE

Buy

424

522

2,174

1,152

1,300

22.7

24.6

29.9

35.8

14.2

11.8

1.1

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

416

166,472

105,086

114,808

34.5

34.7

12.2

16.4

34.1

25.4

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

33,374

40,133

43,731

37.2

37.1

6.4

6.5

14.5

14.2

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,397

9,343

3,153

3,583

14.1

14.4

152.2

182.7

28.9

24.1

141.8

121.1

25.6

26.1

2.7

2.3

Asian Granito

Buy

415

480

1,250

1,066

1,169

11.6

12.5

13.0

16.0

32.0

26.0

3.1

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

323

395

3,271

4,801

5,351

5.7

6.2

10.4

13.7

31.0

23.6

3.8

3.4

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

217

1,553

1,353

1,471

12.3

12.4

14.5

16.3

15.0

13.3

20.7

18.6

14.5

14.6

1.1

116.9

Coffee Day Enterprises

Neutral

246

5,072

2,964

3,260

20.5

21.2

4.7

8.0

30.8

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

223

143

1,137

1,256

3.1

2.7

28.0

23.6

8.0

9.5

42.9

38.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Elecon Engineering

Neutral

703

1,482

1,660

13.7

14.5

3.9

5.8

16.1

10.8

3.8

3.5

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

477

7,292

2,883

3,115

12.0

12.1

14.2

18.6

33.6

25.6

17.9

15.6

15.8

14.6

2.2

2.0

Garware Wall Ropes

Neutral

892

1,952

863

928

15.1

15.2

36.4

39.4

24.5

22.6

4.4

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

888

2,048

1,598

1,704

10.4

10.2

49.4

52.6

18.0

16.9

83.0

72.8

18.2

17.0

1.0

137.9

Hitachi

Neutral

2,035

5,534

2,081

2,433

8.8

8.9

33.4

39.9

60.9

51.0

49.2

41.0

22.1

21.4

2.7

2.2

HSIL

Neutral

368

2,658

2,384

2,515

15.8

16.3

15.3

19.4

24.0

19.0

23.9

20.6

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,289

46,619

21,122

26,005

14.5

27.6

110.7

132.1

11.6

9.8

69.7

49.8

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

373

6,769

1,440

2,052

11.5

13.0

8.5

10.0

43.8

37.3

10.6

9.8

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

403

5,828

2,554

2,800

9.9

10.0

10.5

12.1

38.4

33.3

16.1

15.2

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

265

392

382

420

9.3

9.5

13.5

15.7

19.7

16.9

3.4

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

626

756

546

608

20.4

20.7

41.3

48.7

15.2

12.9

85.8

75.9

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

803

4,595

836

1,087

19.6

19.4

16.9

23.8

47.5

33.7

5.7

5.0

12.0

14.8

5.2

3.9

Mirza International

Neutral

157

1,883

963

1,069

17.2

18.0

6.1

7.5

25.5

20.9

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

277

366

417

17.7

18.2

9.4

10.8

7.4

6.4

1.7

1.4

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

306

6,246

1,873

2,166

11.5

11.7

2.6

4.0

115.6

77.1

7.1

6.4

6.1

8.3

3.4

3.0

Navkar Corporation

Buy

202

265

2,881

347

371

43.2

37.3

6.7

6.0

30.3

33.7

2.1

1.9

6.2

10.6

9.4

8.8

Navneet Education

Neutral

167

3,898

1,062

1,147

24.0

6.1

6.6

27.4

25.2

5.6

5.0

20.6

19.8

3.8

3.5

Nilkamal

Neutral

1,876

2,799

1,995

2,165

10.7

10.4

69.8

80.6

26.9

23.3

107.2

93.1

16.6

16.5

1.4

1.2

Page Industries

Neutral

17,106

19,080

2,450

3,124

20.1

17.6

299.0

310.0

57.2

55.2

381.0

290.8

47.1

87.5

7.8

6.2

Parag Milk Foods

Neutral

249

2,096

1,919

2,231

9.3

9.6

9.5

12.9

26.4

19.3

4.1

3.4

15.5

17.5

1.2

1.1

Quick Heal

Neutral

214

1,500

408

495

27.3

27.0

7.7

8.8

27.6

24.3

2.6

9.3

10.6

2.8

2.3

Radico Khaitan

Neutral

142

1,884

1,667

1,824

13.0

13.2

6.7

8.2

21.3

17.3

1.9

1.8

9.0

10.2

1.5

1.4

Relaxo Footwears

Neutral

472

5,675

2,085

2,469

9.2

8.2

7.6

8.0

62.5

59.4

24.2

20.7

17.9

18.8

2.8

2.4

S H Kelkar & Co.

Neutral

269

3,888

1,036

1,160

15.1

15.0

6.1

7.2

44.0

37.5

4.7

4.3

10.7

11.5

3.6

3.2

Siyaram Silk Mills

Buy

2,073

2,500

1,943

1,574

1,769

12.5

12.7

97.1

113.1

21.3

18.3

3.3

2.8

15.4

15.5

1.4

1.3

Styrolution ABS India*

Neutral

1,071

1,884

1,440

1,537

9.2

9.0

40.6

42.6

26.4

25.1

67.4

61.2

12.3

11.6

1.3

1.1

Surya Roshni

Neutral

282

1,236

3,342

3,625

7.8

7.5

17.3

19.8

16.3

14.3

31.0

24.9

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,405

2,402

3,229

4,001

1.5

1.8

22.8

32.8

61.7

42.8

6.6

5.7

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

202

809

287

384

20.5

7.6

10.7

26.6

18.9

5.6

4.5

20.7

23.5

2.8

2.1

www.angelbroking.com

Stock Watch

August 02, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

Transport Corporation of

Neutral

303

2,321

2,671

2,911

8.5

8.8

13.9

15.7

21.9

19.4

3.0

2.7

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,651

2,796

2,304

2,614

13.7

13.8

231.1

266.6

15.8

13.7

410.2

323.0

33.9

29.3

1.2

1.0

UFO Moviez

Neutral

375

1,035

619

685

33.2

33.4

30.0

34.9

12.5

10.8

1.7

1.5

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

471

748

1,051

1,138

10.3

10.4

21.0

23.1

22.4

20.4

60.4

56.6

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

325

2,969

1,902

2,119

16.7

16.6

14.6

16.8

22.3

19.3

4.9

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

177

218

2,498

1,270

1,450

10.4

5.6

6.5

31.6

27.2

6.6

5.7

20.7

21.1

2.0

1.7

Navin Fluorine

Neutral

742

3,656

789

945

21.1

22.4

24.0

28.7

30.9

25.9

5.0

4.3

17.8

18.5

4.6

3.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 01, 2017

www.angelbroking.com

Market Outlook

August 02, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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